Micron Technology shares surged Wednesday following a price target increase from Morgan Stanley. Analysts raised the price target to $450 from $350. The firm maintained an overweight rating and cited persistent supply shortages as a primary driver. The stock gapped up at the open to $395.39. This followed a previous close of $373.25.
Micron’s CFO clarified the status of next-generation HBM4 memory during a Wolfe Research conference. The executive countered previous inaccurate reporting by confirming high-volume production of HBM4. Micron is currently shipping HBM4 to customers. The company is ramping production one quarter ahead of previous expectations. This update addressed market concerns regarding the company’s competitive standing in the AI memory sector.